Ireland's EuroMillions winner can earn €200k a month, or burn €10k every day
A financial expert revealed the biggest Euromillions win ever means Ireland's newest multi-millionaire could spend €10,000 a day until the year 2093. But personal money guru Eoin McGee warned that mismanagement of such a colossal amount could 'ruin you' and beware 'making promises'.
He said: 'My advice is do absolutely nothing, except sign the back of the ticket. Ring the Lotto and confirm you have the winning ticket, but then sit back and tell nobody apart from your inner circle. Don't make any big decisions now. This is life-changing. I tell Lotto winners to remember that the things which made you happy before this win are the same things that are going to make you happy afterwards.
'Life will be different, but if you do not manage this properly, it can ruin you. This €250m can ruin you. Be careful about your decisions and any promises you're making. Even be careful about telling your children how much they're going to get. Make no promises. It is a time of celebration and joy and being happy about it, but in the first six months, do not spend more than €10,000 on any one item."
McGee added: 'Don't buy a €2.5m villa and then realise after three years that you haven't used it. It's a huge amount of money. You could invest €1m a month and you would never eat into the €250m. Even if you put it into a bank account with 1%, you will get €2.5m a year from that. That's over €200,000 a month. Sign the back of the ticket and get a financial planner. It's scary having a €250m ticket sitting in a drawer but take your time.'
He claimed that the jackpot is so gargantuan that the winner can spend €10,000 a day for over half a century and not run out of cash. Eoin said: 'It's so much money that you could spend €10,000 a day for 68 years without running out of money.'
Maynooth University math professor David Malone calculated the odds of winning the jackpot at 140m-to-one. Prof Malone, who is director of the Hamilton Institute, said: 'That's your chances of winning the thing. Buying the ticket actually only makes a small difference to the chance of winning. Probability is tough. This €250m win is an amount that's not like the normal Lottery wins. Plan your future carefully.'
Meanwhile, RTE radio presenter Oliver Callan joked that the €250m could be spent on painting 'some of' the new National Children's Hospital. It has faced many controversial delays with costs soaring from early estimates of €650m in 2015 to €2.2bn, according to a Government update in February 2024.
Callan said on his RTE show: 'If you've won the Euromillions, you can send the money to wherever you like, to places in need. RTE never wastes a penny, as you know. We could do with another Francis Brennan series and maybe Room to Improve. There could be a full month of improving the buildings at RTE because there are nicer looking rooms in the drama series Chernobyl. This €250m would paint some of the National Children's Hospital. Good luck to the winner, you're about to discover a lot of cousins.'
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